CHANDIGARH: As US President Donald Trump is all set to launch reciprocal tariffs on April 2, exporters and manufacturers in Punjab and Haryana are a really worried lot.President World MSE Forum Badish Jindal said that auto parts, garments, hosiery, steel products and fasteners are likely to be hit by Trump’s move.”We do Rs 50 lakh crore import of which Rs 9 lakh crore worth products are imported from China. Our exports to China is worth Rs one lakh crores. Our export is to the tune of Rs 30 lakh crore. Last year’s trade deficit was Rs 19.96 lakh crore. This year it is expected to rise to Rs 22 lakh crore,” he noted.Badish Jindal pointed out that the countries that will benefit from Trump’s reciprocal tariffs are Pakistan and Bangladesh. These neighbouring countries are India’s main competitors. Instead of increasing imports, we should increase manufacturing in the country.CII Punjab President Amit Jain said that India will suffer in the short and medium terms, but there won’t be long-term impact for the country since India enjoys a favourable relationship with the US. However, the industries exporting to US will suffer the consequences.”Auto Parts Manufacturers Association of India President GS Kahlon who exports auto parts said that the association has 300 members in Ludhiana who manufacture auto parts, said that they were supplied to US and other countries. “Already our business is affected due to countries such as Syria, Iran, Iraq and Morocco having stopped buying from us and now with US imposing tariffs, business will be further affected,” he added.Former President of Federation of Indian Export origination Ashwani Kumar said that hand tool industry and sports manufacturing industry will not be hit as they do not fall under the purview of the new tariffs. “Duty on steel will be set back for the time being later when markets recover as it will stabilize ass epical steel is exported to US. India is acting touch and in longer run we will be benefited,’’ he added.
Source link
